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Credit rationing is often considered as the outcome of asymmetric information between lenders and borrowers. The paper combines this aspect with a marginal price setting behavior of the banks. The resulting model describes adjustment processes between interbank rates, interest rates on deposits and on loans. Due to the non stationarity of the data, the model is estimated in error correction form allowing for distinguishing between short run dynamics and long run equilibrium. The derived hypothesis of a delayed adjustment of loan rates to changes in the interbank rates cannot be rejected with monthly data covering the sample 1975 to 1989.

jahrbücher für nationalökonomie und statistik

Die Trägheit von Zinssätzen und Kreditrationierung in der Bundesrepublik Deutschland / The Sluggishness of Interest Rates and Credit Rationing in the Federal Republic of Germany